Yeah, if you’re like Commerce Secretary Wilbur Ross, a few hundred extra dollars is what you tip the pizza delivery driver for getting you your pizza in under 30 minutes.
If you’re anybody else, a few hundred extra dollars added to or taken away from your income can be felt, so it matters.
Ross, a billionaire, scoffed at concerns over Trump’s tariffs on steel and aluminum.
He can afford to scoff. The ones waiting for their next paycheck to buy that new $50 MAGA cap from the Trump campaign store, or those who just want to be able to pay for their kids’ lunch money are the ones who’ll have to take it seriously.
Ross says that the economic difference between no tariffs and the 25 percent tariffs on steel or 10 percent on aluminum won’t hurt us.
He’s estimating an extra penny on aluminum cans of soda or beer.
He’s estimating an extra $175 per new car, and a penny on every aluminum can of soda or beer sold.
Allahpundit, over at Hot Air broke it down this way:
Using Ross’s own figures here, a $35,000 car will now cost $175 more just for the steel involved. That’s nearly 20 percent of the hypothetical $1,000 tax cut most taxpayers will see; per Scott Lincicome, assuming 17 million cars sold this year, you’re talking about $3 billion sucked out of the economy in new taxes.
He also (rightly) points out that while a penny per can of soda or soup may seem like nothing, if you’re buying these things every week, along with other items you need that happen to be made out of aluminum or steel, then it just adds up.
Trump claims it’s for national security.
No, it’s for nationalism.
Defense Secretary Mattis, charged with keeping on top of issues of national security, rejected the idea that tariffs were needed, and suggested that these changes would threaten our alliances.
While the economy is strong, you don’t try to slow it down with a trade war.
President Trump has taken aim at China, but China is only responsible for 2 percent of our nation’s imported steel. I have no doubt that Trump is unaware.
It’s Canada and Brazil, two U.S. allies, who’ll be hit hardest by the new tariffs if in fact they’re globally applied rather than targeted at adversaries. In fact, the foreign power that’s rattling its economic saber at Washington this morning isn’t China. It’s the EU. Great job all around here — on the geopolitics, the messaging, and the kitchen-table bottom line.
So while the Billionaire’s Club of Ross and Trump can take this lightly, the rest of us do not have that luxury.
Of course, I fully expect the same ones that were enraged over Nancy Pelosi calling an extra $1,000 “crumbs” to be dismissive of these concerns.
That is the Trump way.